One of the mortgages on a rental property we own is serviced by these jokers and it seems that I’m not the only one who feels like this. I’ve asked around about other people’s experience with this company and the sentiments all seem to be the same. LBPS is making a (bad) name for themselves by being incompetent, difficult to work with and annoying in general.

I’ll start with their insurance department: I have heard from no less than 3 property insurance agents who have expressed such frustration in dealing with LBPS that the mere mention of the name elicits groans all around. Apparently, if the insurance agent needs documents or escrow information from LBPS it takes an inordinate amount of time for them to produce these documents. When asked if the documents can be emailed to speed things up, the response from LBPS is that “they don’t do email.” Any documents will have to be sent via US Mail. Now remember, LBPS is a subsidiary of International Business Machines (IBM), one of the largest and oldest computer companies in the world….and their subsidiary “doesn’t do email?”

Next, I’ve heard from a number of their other customers that any request for information about their account is met by some pretty surly requests for unrelated information to “verify their account.” These requests include verification of home phone numbers, cell phone numbers, work phone numbers and email addresses. The last one is interesting because remember, LBPS/IBM “doesn’t do email.” If that’s the case why do they need to verify an email address? If you ask me, all of this “verifying of contact information” sounds like you’re dealing with someone in a collections department, especially the recorded announcement at the beginning of the call that says “we may use any information you give us to collect on a debt.” This leads me to my last point…

I recently received a call from someone at LBPS who again was calling to “verify contact information.” Basically they called and just started asking questions about contact information. Let me mention at this point that in the 6 years this loan has been active, not once have I made a late payment on the account. At the end of the call the LBPS representative asked me if there was anything else they could do for me today. I said that no, I didn’t have any other questions but that I never had a question in the first place and I was the one being called. I mentioned to the rep that he had still not given me a reason why he was calling. At this point he stumbled and fumbled over his words and told me to “have a nice day.” My conclusion is that if it walks like a collections agent and talks like a collections agent…..it’s probably a collections agent!

The main question is: Why is LBPS having their collections agents call customers who have not made a late payment on a mortgage since the beginning of the loan? And by the way, you can tell the difference between a collections agent and a customer service rep by their “polish”, or lack there of, over the phone. You know, typical collection agents don’t need to speak English properly and clearly, they just need to collect. In my, and others experience this is the only kind of person you’re going to interact with when you make contact with LBPS. In case it’s not clear, we’re not ALL stupid LBPS. We know a duck, or collections agent as the case may be, when we see/hear one.

EDIT: Around the time I was about to publish this post, I opened my LBPS monthly statement so I could make my payment, to find that LBPS had inserted a flyer notifying me that they were, wait for it…..rebranding! Apparently they’re changing their name to SETERUS, Inc. The amusing thing about this turn of events is that typically rebranding does not remove the stench of bad service, only time and actual change can do that. It’s almost like they’re following Wells Fargo‘s unabashed customer abuse tactics.

As a final note, IBM should be ashamed to associate their good name with an organization like LBPS/SETERUS. In another life, I did a whole lot of business with IBM and never have I ever encountered an experience like those described above. The IBM name has always stood for quality and innovation in my eyes and the eyes of the rest of the world. In my opinion, LBPS/SETERUS is diminishing that good name more and more everyday.

There are currently 29 responses to “LBPS-Seterus Nonsense”

Great entry here. I’ve had the same experience with LBPS (Seterus). I refused to give them any information. I told them that they called me and I have no idea who they are, so it was improper for them to ask for sensitive information, and I would be an idiot to provide such information.

As you, I’ve not been late on my mortgage. It was Sept 2010 when Chase transferred me to LBPS. I guess as long as I make my payments on time I can avoid dealing with these jerks, but I feel for people that are either having trouble and going through HAMP or short sale/foreclosure. I am sure Seterus will make your life miserable if customer service is required.

Well I use to work there. The place is a joke. Most of the employees complain about it. When we were hired we were advised we were going to be Customer Service Reps, yeah right! Eventually they finally told us our main focus would be collections. The customer knew they were being harassed and I didn’t argue with them because I couldn’t. I got in trouble for telling a customer that most of us don’t like calling people after the 4th of the month for a payment, after she asked me why would we call her instead of the people that are actually late. There are a few of the reps there with strong customer service backgrounds and they will try the best they can. The nicest reps will be at the NC call center, God bless you if you get an Oregon rep, they are pretty rude and unsympathetic. As far as the verification information that the reps have to do, they are only to do it every 30 days and most of us hate doing it. Believe me, we complain about have to verification, asking customers for their HOA information, not being able to take electronic payments from online bill payer, customers having to talk to a different rep every time they call in, customers have to pay to make mortgage payment thru us (not all states) and anything else that is valid. For most of the reps this is a pay check and they know this company is backwards. I advise every person that is able to, refinance that loan with a small bank or credit union that even if they do sell your loan they will still service it, that’s all Seterus is, a servicer. And yes they gave us that Okey-Doke explanation for why they changed the name, they wanted something unique. The reps and the customers know that’s a lie.

Amen! I have had nothing but the worst customer service from LBPS since they became my new lender after Metlife last spring (2010). I have never been late on a payment and have only done what a responsible homeowner should in regards to getting them a copy of my hazard insurance, etc., but it still was a major ordeal mainly because they “don’t do email”.

That meant my property management (who is also incompetent, so that was just lovely) had to physically copy every paper of the insurance document packet and physically send it in; they sent the wrong evidence of insurance/or it was incomplete, so bottom line is that it took six months for them to finally give them the correct info (this is after me, the client, had to have called about it at least 20 times to get it resolved), and then once they did and I thought I was scott free of the nonsense, I open my mortgage statement to find that LBPS had opened an escrow account of $800!

They mistakenly were charging us for this “missing” proof of insurance even though it had finally been retrieved and acknowledged. The worst was that I had to pay into this account for two months until I FINALLY spoke with a sympathetic and HELPFUL rep (I was practically crying with frustration at this point on the phone on my LUNCH BREAK) who worked her magic to get us our refund. This all came during the holiday season when we needed every extra penny and it was just a major inconvenience to say the least.

Since then, as someone mentioned, I haven’t really had to deal with them because I’m always on time, but this morning I called to speak with someone about modification and it was as if I told the rep I was going to kill her – she had this horrible attitude and told me so rudely that I need to send in the right documents for modification; no shit, really? All I wanted to do was TALK to someone about it to get more information on qualifying; I don’t know everything – sorry, that’s YOUR JOB LBPS! Finally I said, “you know what I just need to refinance”, obviously I don’t qualify for a “hardship” and thank goodness they don’t act as a bank, so she gave me the number to quicken loans and I am now waiting on if we will be approved. I’m hesitant to even have any association with them, but apparently according to Quicken Loans I can get some discounts, and the guy I’m working with is very nice and helpful.

Apparently these attributes can make all the difference in making me wanting to work with you; Perhaps LBPS should get a lesson on common courtesy and treating people with a little dignity. Be happy you have a job and if you don’t like the job, don’t take it out on the people keeping your job afloat.

I first applied to CitiMortgage for a HAMP loan modification in February 2010. After sending them all requested paperwork 5 times via FAX and U.S. mail, they still requested the same paperwork. After 6 months, I filed a complaint with the OCC (Office of the Comptroller of the Currency), which is what you all should do as well. Within weeks, CitiMortgage sold my loan in a batch sale to LBPS, and a short time later they sent me a letter stating my loan mod was denied, but they did not provide a valid explanation. Now I am trying to get Seterus to grant me a loan mod, but of course they wanted all the same paperwork, and the process starts all over. I’m waiting. Everyone that has had a problem with their mortgage company trying to get into the Making Home Affordable program, or just trying to get a loan mod, should file a complaint with the OCC, the overseers of these ‘untouchable’ lenders, and start writing your Congressmen and even the President on his website. All Senators and Reps have websites that you can write them. Tell them you’re not alone, give them the link to this site and any others you find. Stop preaching to the choir and start complaining officially to the elected officials and overseers, the ones that can actually take action on our behalf. I wish you all the best of luck, no one should lose their home because of someone else’s greed, but you have to take 30-60 minutes to send some emails or letters.

Me too. I inherited IBM LBPS one year ago from another lender, who had the insurance documentation needed. Now, under LBPS, a request was made for the same verifiction from the Home Owners Association (HOA), which I found out accidently. No communication that I was being dunned for insurance escrow fees for the past year until I tried to pay my monthly mortgage. LBPS had attached an additional $500 to my regular payment. After spending a morning on the phone with customer service and with the insurance department, I faxed needed information. Just when I thought that the request was satisified, LBPS dunned me again (found out again accidently). Why? LBPS failed to input the HOA insurance policy information into the computer. Incompetent is not a strong enough word.

I’m so happy to know there are people out there going what I’m going through, and I’m not alone. I had to file bankruptcy, because they were gonna auction my house three days after I had to have knee surgery. I have gone through so much from this company, and Aurora that gave my account to them. I think from what I’ve heard, all the mortgage companies are playing games with the Making homes affordable program.
Last year when I had just a fews days before LBPS took over. I was told by Aurora that I qualified for the making homes affordable. So they told me to pay for two months. Well after LBPS took over, the next week. They told me the money was coming back because Fanny May denied it. I had to send this money Western Union. They would not try to help me at all. I have sent the same papers in so many times. I think they are just screwing with the system is what I think. They have caused me so much stress. I had lost three siblings in two years when they started this crap. I did not want to lose my house. I’ve had times where I’ve thought I was gonna have a total break down. My house is 107yrs old. It is nothing fancy at all. I can’t figure out why they would want it. They won’t get anything for it. I could see if it was a $500,000 house or something.
I don’t understand why something can’t be done to stop all this BS.

It took nearly a year to complete a modification with LBPS (after waiting for over a year for a modification with Chase, who then sold my loan) and not without significant problems.

First, I had to jump through all the hoops again to apply for a modification, though I had provided Chase with the proper paperwork on several occasions. I re-did all the paperwork and sent it in – I would call once every 2 weeks to check on status and was told it was pending. However, after 3 months, they would tell me I had to re-send in all of the paperwork again because the paperwork wasn’t valid after 3 months if the modification had not been approved. Then they kept asking me for the same documentation (a form for release of my tax returns, which I had already provided them with certified copies from my account) over and over again, even when I had sent it to them.

During this entire time, I was getting threatening foreclosure letters (I had been two months behind back when I was with Chase, due to several months of unemployment). I kept calling to tell them I was in a modification program and was waiting and they told me they were required by law to send me foreclosure letters. Finally, in one week, I received 2 foreclosure letters on a Monday, a letter Weds I assumed was another foreclosure letter but actually turned out to be notifying me that my modification had been approved. THEN, on Thursday and Saturday, I received two more foreclosure letters, dated after the letter approving the modification.

Several months ago, they forgot to pay the insurance out of escrow (which had been there for months) AND then sent me a letter indicating they had purchased insurance for me, even though I already had an insurance company I was happy with. Most recently, I was notified that they purchased flood insurance for me, even though I have flood insurance.

The whole thing feels like a scam. I’m not surprised though – the people that do this kind of work are scumbags.

I am so glad I found this site! I too have had nothing but problems with this company. On July 11, a tree fell onto my home. Half of it is still hanging over my house. Evidently you have to send the insurance check to the mortgage company when you have a large claim. But getting it back from them is riduculous. Every time I call I get a different story from a different person. First I was told to send in the check and I would get half of it back in 48 hours, and the other half back when the repairs are complete. But that was not true. Instead, I got a packet almost two weeks later requiring MORE paperwork, tax forms, and other statements and they all have to be notarized! I’ve told them that I am living in a life threatening situation, but they don’t care. I have holes in my roof and a tree that threatens to fall. I guess they want me to die so they can keep my money. honestly- dealing with them is worse than the event itself.

This company is a subprime servicer. Servicer’s work on mortgage loans. They collect money from borrower and remit to trustee. If they cannot collect the money they foreclose and liqudate the property to still remit money to the trustee for the investors. They make a % of the payment or liquadation process. That’s all they do. Think about a dog waiting on your front door. It will do its job as long as you feed it. Investor’s love these dogs (servicers). Subprime servicers deal with impaired credit borrowers. bankruptcy foreclosure are common stories here.

Some history now:
SETERUS was IBM LBPS. (change 2011)
IBM LBPS was Bank of America Wilshire Credit Corporation. (change 2010)
Bank of America Wilshire Credit Corporation was Merrill Lynch Wilshire Credit Corporation. (change 2009)
Merrill Lynch Wilshire Credit Corporation was Wilshire Credit Corporation. (change 2004)
Before that they were bankrupt in 1998 and came out of BK in 2003.
They had a CEO, Andrew Wiederhorn, who went to jail for some time. http://en.wikipedia.org/wiki/Andrew_Wiederhorn

Their technology:
Their servicing platform is a computer program called PULSE, which is written in an archaic language that I cannot even recall. There are only two people who knows how to maintain it. One got fired in 2007 but was brought back because no one else could fix the issue that shut down the company for a day. It is a blue screen with no keyboard input. Its only competitor is Bloomberg screen (LOL).

Their people:
People in general are not competitive with exceptions. There are some efforts to revitalize the company within the mid-management team but they are always shut down by top management. It doesnt have a good culture nor a good work ethic.

These are my observations of this company. God help whoever deals with them.

I just received a notice from QBE First Insurance on behalf of Seterus telling me that QBE, which sells insurance, notified them that my insurance had expired. First, my insurance never expired, and second, when LBPS (now Seterus) took over my loan from CitiBank, neither of them bothered to notify my insurance carrier (I pay my insurance; no escrow). Now I’m getting a bill for $2,862.08 for 90 days of coverage. Outrageous? Yes. Underhanded? Absolutely. This should be able to be straightened out, but it should have never have happened in the first place. If not I plan to contact the BBB in Beaverton, OR. and recommend that any of you who have had problems file a complaint with the BBB.

I am with this company as well. When we were switched to LBPS, they ended up charging us for insurance, despite the fact that my condo building is already insured. For MONTHS I went back and for about this issue, as it rasied my mortgage payment by almost $300. Not helping things is the fact that my HOA is run by a bunch of idiots. Between the HOA mgmt, and the people at Seterus, this ordeal was a NIGHTMARE. Finally after many conversations, pleas, and patience, this issue has finally seemd to be resolved. They sent me a refund check for the excess that I’ve been paying for many months.

These posts have me very worried. I just received a notice from my mortgage company which is Bank of America stating that my “in-house” modified loan will be transferred to Seterus, Inc starting next month. I read their letter and they had said that nothing will change on my payments or what was in my contract from Bank of America when I accepted Bank of America’s modification terms about a good year ago.Note:I had filed for Ch.7 Bankruptcy back in 2009. I called Seterus just today and they did acknowledge who I was and that my loan was in transition to them. The rep also had said that there will be no change either in anything as the Bank of America’s letter has stated.I guess so far so good. Anyway, my take on this whole transition is that Bank of America is probably considering me a risk for them with my situation and they just shoved me off to another financial place which ends up just being for misfits like me. Am I correct on this? I’ll admit that I am poor and just making it, but I do make my mortgage a PRIORITY and I want my credit to get better. Am I doomed now? I have no clue and all I can do is just submit to the terms of what is presented before me.

This place is undoubtedly the worst servicer i have ever dealt with. Given that my loan was transferred to this servicer and i had no choice in the matter it has been exceptionally frustrating. I honestly believe that they purposefully make it difficult to establish an automatic payment to increase their fee income. It has taken the better part of a year to get set up on auto payment. Worst company i have ever done business with period… FYI if they are charging you a fee that is not reasonable you have to get a supervisor to deal with it immediately as they will try to push you off several times before actually letting you speak with anyone who has any authority.

I am an Agent working on a short-sale that Seterus approved, but gave us less than 30 business days to Close. Problem is the Buyer is using FHA-HUD loan and their process takes 45–60 days. When requesting extension, I got exactly — wait for it . . . . . 4 DAYS!!! Then they proceeded to set a foreclosure date within 3 days of the new deadline. We are now 5 days away from the new deadline–4 days from the original deadline and the buyers lender has advised that FHA docs will take another 5 days, but assure us (and I passed on to Seterus) they can fund the loan/Close Escrow by the 30th — which would be another extension of 4 DAYS!! But the Negotiator has advised me they will not extend & will not postpone foreclosure date. They are going to foreclose when instead they could have a sale price that’s at the top of the current market in an additional 4 DAYS!! I have handled plenty of shortsales with large and small banks/lenders and have never dealt with anyone this inflexible and unprofessional. I am going to fax the CEO, Vice President, and Assistant Vice President, as a last resort to try to save my Seller from this foreclosure, but their response record doesnt’t give me much hope.

I was also was transfered by MetLife to LBPS/Setterus when I applied for the making homes afforable program. This company is shady to say the least. I also had to file a chapter 7 to which I re-affirmed my mortgage and car. Now sterus will not send me a monthly statement for my morgage even though the chapter 7 is discharged. The modifacation took almost two years between Metlife and Seterus. I had the same problems with repeatedly sending in documents to them. Incompentence isn’t a strong enough word for Seterus. Even my laywer tried to call Seterus with no luck. They would not talk to them because my chapter 7 was discharged. I have writen to Senator Snow and plan to write more letters to anyone and everyone I can think of. There has to be some way we can deal with this company and get them either to be more ampathetic or out of business.

This company is very bad. My loan was in good standing when it was transferred to LBPS Business Services (A division of IBM) now re-branded as SETERUS. From the beginning IBM / Seterus offered little in the way of knowledgeable customer service. Most of the representatives on the phone are rude and do not have a great deal of knowledge. Seterus recently told me that I could have PMI removed from my mortgage once I reached 80% of the principal on my original loan amount.

After I transferred the money they changed their mind and told me that they would most likely not remove the PMI and that I would have to pay for an appraisal. Now I am aware that once the original loan value reaches 77% that they must automatically remove the PMI but I wanted to see if they would offer this as an option.

The first customer service rep was rude and told me that under no circumstances would they remove the PMI without an appraisal. I then wrote a letter to Setarus requesting that they return the money that they had coerced from me and give me a written explanation of how to remove PMI from my loan. Nearly two months later they returned most of the money with a written explanation but never mentioned the 77% as an option. They are also assessing late fees for on payments not made during the time that they held my 34K hostage. AMAZING!

Here is a company with an underwater mortgage and a current customer who not asking for anything but to help sure up their position by giving them additional principal. I can only assume that as a servicer there is a financial gain for them keeping the mortgage in a riskier position. A mortgage company that acts so aggressively against the best interest of the overall economy should be thoroughly investigated.

Beware of IBM Lender Services / Seterus, document all interaction no matter if you are customer in good standing or not. They are not partners they are predators. My only saving grace is that I am in a position to make additional investment in my home and refinance with a more reputable institution.

LBPS/Seterus is now charging you $5.00 when you pay early or on time, electronically. They want you to set up a permanent link with your bank to avoid the five dollar charge! This is just plain usery! Fight back people! Tell their customer service what you think about this five dollar fee in every communication with these greedy inept losers.

Tday is Friday and I have been calling their number since 7:00 am and a recording says that I am calling outside of their normal business hours, then I get disconneted. I have called back at least 20 times. It is now 2:30 pm and the recording is still on.

Seems as though there’s enough complaints about Seterus, I could sit here and read about it for a week. Bought my humble abode with #1 mortgage company. They sold it to #2, #2 sold it to #3, and #3 liked their name so much that they changed it to Seterus, aka #4. Although not even remotely close to foreclosure, I’ve inquired about HAMP, HARP, mortgage relief, etc. for some help in monthly payment amount reduction due to an injury only to run into much of what you all have written about. Just dealt/am dealing with poster#18’s same complain as of now. Not that I have any facts to back it up, but it sure leads one to believe that the big wig powers that be would want a homeowner to default and be foreclosed upon rather than allow the very same predatory practices that got this economy and country in trouble to begin with. Unfortunately, I believe they’re too busy dealing with Fast&Furious, attempting to try terrorists in a civilian courtroom, frivilously and illegally spending Social Security monies, etc.

I got a letter yesterday from QBE FIRST on behalf of seterus (pronounced se-TURD-us) stating that my home is underinsured. It said that if I don’t increase my coverage (no timeframe provided), that QBE FIRST (a so-called insurance company) will create a policy on my behalf to cover the difference, and the premium (which goes unstated) will be added to my monthly mortgage payment. This looks like a scheme to enrich QBE FIRST and seTURDus at the expense of people who do not pay close attention to their mail, allowing them to net thousands of new “customers” paying whatever rate QBE FIRST decides for a seemingly inflated coverage number. And since I live in the Detroit area, my home and property value has actually declined about 30% in the past four years. So if anything, I should probably reduce my coverage.

LBPS/Seterus is such a crooked company. I was transferred to them from First Horizon. I also inquired about the HAMP program. The person I spoke with said I did qualify and my new payment would be $500 less than my current payment which is $1300 also they would lower my interest rate. They sent me temp paperwork to start making the new payment, which I had to do for four months. At the end of the four months when the temp period was over, I was shocked get a foreclosure notice and called to talk with someone about it after holding for 45 mins. They said, “Oh don’t worry, we will get the permanent paperwork in effect.” In two weeks I called them because had not heard anything. The person I called said I did not qualify for the program an therefore they were going to place me on a repayment plan plus fees that have accrued. Now I just had to pay $2300 a month for 6 months!! I seriously think they purposely did that so they could foreclose on me.

Well we finished they payment plan and they still want to add over $1000 to our bill. Don’t ever ask for a refi through them or the making home affordable program because they will screw you over. I even went to an attorney he said I really could not do anything unless they foreclosed while I was still making the payments. I have written letters to BBB and Attorney General of all states involved and even congressmen, unfortunately IBM must be in the politicians pockets. I hate this company they are evil!!

So my insurance company has gotten ahold of QBE FIRST and has provided them with the necessary documentation showing that I am indeed properly insured. However, I was warned by the QBE FIRST phone rep that they may have already mailed out an insurance binder to me for the added coverage. I’ll be scanning this in as well so that I can forward the entire packet to the Michigan Attorney General office. Crooks!

I got the ultimate Seterus story. I opened a letter from them on 06 October which stated that the bankruptcy relieved me from the loan, but I was responsible for the loan that was used to secure the property. Well – I never missed a payment since we bought the property in 2005 and I have not filed ANY bankruptcy! I called the customer service and explained the situation. After stumbling, finding a “supervisor” to get direction – which was impossible – the CS rep asked me to call back 7 days later to allow thier bankruptcy department a chance to “research” the situation. I said I would but at the same time I am contacting an attorney. This doesn’t look like it will end well for us.

First, the ‘your insurance is not in accordance to standard’ or something to that effect. The question is… does this company understand that they service loans for customers who live throughout various states and not specifically the state they are headquartered in? They have no clue and are stupid. Hello, requirements in, say, the state of Tennessee aren’t necessarily the same as in the state of Oregon, or Colorado. I sent these people my insurance info 3 times, then they wanted to open a new policy for me from the insurance company of THEIR choice without my consent and even though I complied with all their requests. HELL NO. (Oh, and surprise, the insurance policy they attempted to open cost THREE TIMES more than what I currently had…). I finally called my agent who you could tell was annoyed and knew exactly what the issue was. Once I got the insurance agent involved, LBPS finally stopped giving me this crap. I wholeheartedly believe LBPS/Seterus makes these problems up to screw over the customer. Home loans are tricky and if you’re not paying attention and screw up, suddenly this rat-puke of a company can end up owning your home. So I go above and beyond with every request, you cannot afford not to.

Another annoying bit is the call about late payments that aren’t technically late. Hello, my loan gives me a 16 day grace period. yes, the due date is the 1st, but the grace period gives me until the 16th. But they are calling me on the 10th saying I’m late. If I am truly late, then why aren’t the late fees assessed until after the 16th? Because I’m not technically late until after the 16th!! At least PRETEND its just a ‘courtesy call’ rather than treat it like some bad debt collections-style money shakedown and MAYBE I won’t be so hostile. For the record, I have NEVER made a late payment… every single one prior to the 16th.

Overall though, who I’m really quite pissed with is JP Morgan Chase for selling me to LBPS/Seterus. Let’s be clear: I understand these things happen between banks and loan servicers all the time. But when I asked Chase why they were selling off loans, they kept slapping me with this condescending, intelligence-insulting comment, “Its not personal, this is normal business and occurs all the time…”. B****, did I act like it was personal? I just asked WHY and in a very reasonable and nice way. But I am pissed at Chase regardless because I have a checking account through them and paying my mortgage was highly convenient. Then they sold me off to LBPS who charges a $5 fee just for online payment. A $5 fee for a process that SAVES them money? Are you kidding me? I’m pissed at Chase because of their ill-finances, they wanted to dump a bunch of home loans to make some quick cash, but ended up dumping us one of the worst and most notorious loan servicers. I don’t care that I wasn’t targeted as an individual… if anything, that tells me more about how much Chase cares about me as a customer. They hold no loyalty to a long-time customer who had multiple lines of business with, a good credit rating, and no records of any late payments or other issues. What a horrible show of customer service on their part.

So I will be opening a checking account with my credit union soon and will dump Chase. Hey, its not personal, its business, right? Except, they’ve shown me that they don’t want my business AND that they could care less where it goes to.

Back to Seterus… all I can say is I will watch them and check and double check every little thing that happens with them. Its the only way to make sure you don’t get screwed over.

I work for Seterus, and I can understand the frustration that you all are feeling right now. I do know our customer service do not always handle everything perfect but I will say in customer services defense allot of you do not either.

I know everyone thinks we want to foreclose on the houses you own. Really do think that? Think about that why would we? What do we get out of it? Nothing, not one dime. That is the last thing any servicer want’s to do.

I do understand about the trial then you do not qualify, and that should of been told to you up front. If you were on a HAMP trial most do go right to a perm modification. If you have issues this is what I would say to you, when you call in do not speak to the people who answer the phones, ask for the loss Mitigation dept. Speak with the people who do the work on the loans, they are the ones who will be up front and honest with you, try to help you and do everything with in the power they have to keep you in your homes.

Again, I am sorry for all the frustrations, I hear this every day. The good side is we have more people staying in homes now than we ever have, those are the people you don’t hear from.

Well, I’m about ready to file a complaint on this company for breach of contract, harassment, and damages. They forced an escrow on my account without any lapse in insurance or taxes, are re-directing my PI payments to this escrow, and telling me I’m late on my payments…thus reporting me to the credit bureaus. They have been threatening foreclosure for over a year despite me having bank statements that prove I have made every payment on time…for 4 years. I stopped calling because their customer service dept. are robots that read from a teleprompter and regurgitate the same thing.

Does anyone know an attorney that specializes in class-action lawsuits? This has to stop. My loan was sold by BofA. I, too, have a 15-day grace period, but Seterus states it’s late the day after it’s due (the 1st). And since when does it cost MORE to pay online? they don’t accept bill pays either. They can charge $5 for online, $10 for AUTOMATED telephone payment or $12.99 for a Western Union transfer?

I feel so helpless that my account was SOLD without my consent. It’s not like a credit card where you just find another mortgage company!! This has to be illegal at some stage.

Seems like I’m with everyone else. Our loan was with Citi for 3 years. Never missed or late. Wanted to do a loan modification. Even hired a company to do it for us. Filled out all the paperwork with Citi. Getting towards the end & Citi sold our mortgage in a lump sale to LBPS. Of course all the paperwork had to be redone.

Working with LBPS was nothing less than a joke. From the very beginning, they treated us like we we behind & they were collecting. The company we hired to do the modification said they were the worst company they had ever worked with. Eight months after the sale from Citi to LBPS, they denied the modification. When I called to speak with someone about the issue they played 20 questions. Could not get anywhere with anyone.

They acted like if they give you the run around long enough you will give up. Worked with us. . . we gave up. So instead of modifying, we are refinancing, just to get away from them. ONE OF THE WORST COMPANIES I have ever dealt with.